Mayor Bill de Blasio's announcement of the city investigation follows a similar announcement from state tax officials Tuesday.

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New York City Mayor Bill de Blasio announced Wednesday the city will follow up on the New York Times' investigation into the Trump family's taxes.

"City of New York is looking to recoup any money that Donald Trump owes the people of New York City," de Blasio said.

On Tuesday, The New York Times published a massive report on how President Donald Trump built his wealth. The Times story says he and his family participated in questionable tax moves and even "outright fraud."

President Trump responded on Twitter Wednesday, calling the report a, "very old, boring and often told hit piece on me."

Following the story's publication, the New York State Department of Taxation and Finance said it would begin its own investigation into the family's tax dealings.

The Times says its report is based on more than 100,000 pages of financial documents, including tax returns and other legal documents from the president's father, Fred Trump.

The investigation seems to undercut the president's recurring story that he only received a $1 million loan from his father. The investigation shows in today's dollars, he's actually received around $60 million in loans from his father, and more than $400 million from his father's businesses since he was a child.